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Housing 2020 : What is Shaping the Future of Housing in Virginia Presentation on Demographics.

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1 Housing 2020 : What is Shaping the Future of Housing in Virginia Presentation on Demographics

2 Problems emanating from the housing market forced financial institutions to take massive write-downs on their mortgage portfolios, igniting a broader banking crisis. Amid fears about the strength of banks and severe losses of both housing and stock wealth, consumer confidence plunged 41 percent below its lowest previous trough. Households slashed their spending andfor the first time on recordcut their net borrowing. State of the Nations Housing 2009

3 Where weve been in the last 5 years Our housing market has been defined by the housing crash over the past 5 years. Over 100,000 homes foreclosed in Virginia Construction of new homes nearly came to a halt Sales of existing homes dipped to record lows Nearly 25% of mortgages in Virginia are underwater or near underwater The homeownership rate began to decline for the first time

4 After several false starts, there is reason to believe that 2012 marks the beginning of a true housing market recovery. State of the Nations Housing 2012

5 Were beginning to hear noises that weve reached a major turning point in the housing market and that, with interest rates so low, this is a rare opportunity to buy. But are such observations on target? It would be comforting if they were. Yet the unfortunate truth is that the tea leaves dont clearly suggest any particular path for prices, either up or down. Robert Schiller, NYT, January 26, 2013

6 Housing 2020: Why? We need to look beyond recovery from the Housing Crash There are sweeping trends that are re-shaping housing in seismic ways. Our housing markets and products will be widely affected. Understanding these trends and their impacts will help us prepare our communities.

7 THINK BIG: What is shaping the future of housing in Virginia in the next decade?

8 Demographics Economics Finance Green/Sustainable

9 Part 1: Demographics Housing 2020

10 Demographics Virginias population is growing Regional growth varies greatly New households are different from the past The Millennials are here The Age Wave has arrived Housing preferences are changing

11 Demographics John Martin at SIR / Boomer Project CEO of the Boomer Project and president and CEO of the Southeastern Institute of Research John has been the guiding force behind the Older Dominion Partnership, an umbrella organization dedicated to studying the impact of the age wave on Virginia and how to prepare for it.

12 Population Growth How much growth? Where will it be? Who will it be? What does it mean for housing?

13 Putting future demographic change in perspective

14 Housing Virginia Video Presentations Population Growth in Perspective by John Martin Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

15 Where is the growth happening? Weldon Cooper Center for Public Service

16 Demography is Destiny: Impacts on communities

17 Housing Virginia Video Presentations VAs Population Growth – Makeup and Expectations by John Martin Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

18 The AGE WAVE: What is it … What does it mean?

19 The AGE WAVE: Age Ready Communities

20 Why do we need to be Age Wave Ready?

21 Housing Virginia Video Presentations The Age Wage by John Martin Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation..

22 The AGE WAVE: Boomers are diverse; will make different housing choices as they retire

23 How are the new HHs in Virginia different from the past ?

24 Housing Virginia Video Presentations Shift in HH Makeup by John Martin Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

25 Multi-generational HHs on the rise

26 Multi-Generational HHs in Virginia

27 Multi generational HHs on the rise

28 No longer just the Walton family…

29 Household formation in decline CPS - Current Population Survey; HVS - Housing Vacancies and Homeownership; ACS – American Community Survey

30 Household Formation Unemployment for Millennials is twice the National Average Real Wages for Young People have Declined since in 3 btw age 18 and 25 report Moving back to Parents House House and Apartment Sharing is at High Levels CPS - Current Population Survey; HVS - Housing Vacancies and Homeownership; ACS – American Community Survey

31 Household formation in decline

32 Young HHs Have not been Forming HHs at Normal Rates

33 HH composition trends will continue:

34 HH composition trends will continue

35 Single and single parent HHs

36 The Millennials: here they come!

37 How are the Millennials changing everything?

38 Housing Virginia Video Presentations Gen Y by John Martin Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

39 Owning versus Renting - future housing choices

40 Housing Virginia Video Presentations Gen Y Perspective on Work/Living by John Martin Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

41

42 The Gen Y view of owning a home differs from their parents.

43 Housing Virginia Video Presentations Gen Y View on Home Ownership by John Martin Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

44 Self Supportive housing – new owners will place different demands on their homes

45 Housing Virginia Video Presentations Self Supportive Housing by John Martin Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

46 The Tailwind in the market: Boomers and Millennials converge on the same housing choice: Urban, walkable, connected, smaller, affordable, green

47 Housing Virginia Video Presentations Tailwinds by John Martin Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

48 The NEW FRU

49 What the new frugality means for housing?

50 Housing Virginia Video Presentations The New FRU by John Martin Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

51 Takeaways: Demographics 80% of VA population growth in the Crescent The Age Wave is NOW – Boomers still drive the market… but in a different direction Aging in place creates new demands on the housing stock Multi – Gen HHs need different housing design and style Single headed HHs / non-family HHs will continue to rise Immigrants / Minorities – VA will be majority minority by 2040 Millennials – a different view of housing / not as central as for boomers The TAILWIND : Boomers and Millennials converge on housing preferences: urban, smaller, affordable, green

52 Part 2: Economics Housing 2020

53 Economics Christine Chmura at Chmura Economics Chris is the President and Chief Economist for Chmura Economics & Analytics, a quantitative research and economic development and workforce consulting firm Chris is a quoted source on regional and national trends in the media throughout the Mid-Atlantic and Southeast, as well as national publications such as the Wall Street Journal.

54 Prospects for economic growth in Virginia

55 Housing Virginia Video Presentations Economic Growth in the State by Chris Chmurra Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

56 More highly educated workforce keeps VA unemployment < U.S.

57 Virginia still off 30,000 jobs from peak

58 Federal Government far outpaced private sector in VA in job creation

59 Over 170,000 Federal Government employees work in Virginia in 2011

60 Top ten federal contract recipients by state: Contract AwardsNumber of Contracts Virginia $59,460,984, ,334 California $52,793,263, ,209 Texas $40,368,000, ,244 Maryland $25,905,877, ,504 Pennsylvania $19,237,808, ,548 District of Columbia $19,120,499, ,886 Massachusetts $16,690,889,232 96,379 Florida $16,317,630, ,951 Arizona $14,439,124,750 52,126 Connecticut $12,886,986,080 35,046

61 RankMetropolitan Statistical AreaContract Awards Number of Contracts 1Washington-Arlington-Alexandria, DC-VA-MD-WV $ 78,563,551, ,500 2Northern Virginia, VA $ 44,738,513, ,546 3Dallas-Fort Worth-Arlington, TX $ 23,268,279,292 45,516 4Los Angeles-Long Beach-Santa Ana, CA $ 16,239,863,641 90,039 5Boston-Cambridge-Quincy, MA-NH $ 14,690,207,829 85,379 6Philadelphia-Camden-Wilmington, PA-NJ-DE-MD $ 12,217,193, ,293 7 New York-Northern New Jersey-Long Island,NY-NJ- PA $ 11,726,190, ,996 8San Diego-Carlsbad-San Marcos, CA $ 11,493,944,115 48,847 9Virginia Beach-Norfolk-Newport News, VA-NC $ 10,728,828,530 57,198 Top federal contract recipients by metropolitan area:

62 Where will we see growth? The crescent

63 Housing and the economy: How important is housing to economic growth in VA?

64 Housing Virginia Video Presentations Housing Market and the State Economy by Chris Chmurra Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

65 SF building permits still well below peak

66 Single-family building permits: Percent change from Sept 2011

67 Housing is NOT Leading Us out of the Great Recession

68 The future of the housing economy:

69 Housing Virginia Video Presentations Future of the Housing Economy by Chris Chmurra Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

70 Where will prices go? Virginia Association of REALTORS

71 Are recent price increases sustainable?

72 Housing Virginia Video Presentations Recent Rise in Home Prices by Chris Chmurra Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

73 The decline in home ownership in Virginia – will it be reversed?

74 Housing Virginia Video Presentations Decline in Home Ownership by Chris Chmurra Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

75 Millennials and the economy. The unemployment rate for Millennials is 12% - over 17% when discouraged workers are included.

76 Impact of the housing crash Theyre more risk averse… because of this, they wont invest as much into the stock market, housing or any one job.

77 Growth in student debt is

78 Virginias students are debt burdened from the start While there are variations, generally more than half of VA grads have student debt Institute for College Access

79 Student debt…the growing burden

80 Housing Virginia Video Presentations Effect of Student Loan Debt on New Homebuyers by Chris Chmurra Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

81 Student debt levels will affect loan qualification Student debt + car loan + credit card New QM rules – 43% back end ratio

82 Decline in home values also acts as a brake on the market.

83 Housing Virginia Video Presentations Impact of the Decline in Home Value by Chris Chmurra Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

84 What can we expect in terms of income growth?

85 Factors driving growth in household income in Virginia

86 Housing Virginia Video Presentations Factors Driving Growth of HH Income by Chris Chmurra Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

87 Lender response

88 Houses more affordable but credit tougher to get

89 Housing Virginia Video Presentations Recessions Effect on Bank Underwriting by Chris Chmurra Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

90 Prospects for homeownership: Is owning a home still a goal?

91 Housing Virginia Video Presentations Economic Growth in the State Part 2 by Chris Chmurra Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

92 Takeaways: Economics Virginias economy is recovering but regional variances are large Strong dependence on federal spending is a concern Housing contributes to economic growth / must be a part of the recovery Student debt is now a major factor in housing choice Loss of home equity / refi challenges limit trade ups and consumer spending Millennials are facing employment challenges Price recovery / construction will be slow & uneven

93 Part 3: Finance Housing 2020

94 Finance What went wrong with housing finance? Capital sources for housing / secondary market Interest rates Underwriting standards Impact of mortgage product changes Rental housing finance

95 Finance Ethan Handelman at National Housing Conference Ethan Handelman directs NHC's policy and advocacy agenda focused on strengthening the nation's housing finance system Ethan authored Government Sponsored Enterprises and Multifamily Housing Finance: Refocusing on Core Functions.

96 Mortgage rates will stay low… assuming

97 What went wrong ?

98 The role of finance in the crash

99 Housing Virginia Video Presentations Role of Finance in the Housing Crash by Eric Handleman Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

100 What is in the future – short term: Is systematic change possible?

101 Housing Virginia Video Presentations The Potential for Systematic Change by Eric Handleman Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

102 What are the GSEs?

103 Housing Virginia Video Presentations Salvaging the GSEs by Eric Handleman Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

104 Who was Making Mortgages: Before, During and After the Crash Source: Bipartisan Policy Center Housing Commission, 2013

105 The future of GSEs: The Federal Housing Finance Agency (FHFA) today announced that it has directed Fannie Mae and Freddie Mac to raise guarantee fees on single-family mortgages by an average of 10 basis points. The changes to g-fee pricing represent a step toward encouraging greater participation in the mortgage market by private firms… These changes will move Fannie Mae and Freddie Mac pricing closer to the level one might expect to see if mortgage credit risk was borne solely by private capital. Edward J. DeMarco, Acting Director of FHFA August 31, 2012

106 The future of GSEs: A permanent solution for beleaguered mortgage giants Fannie Mae and Freddie Mac, which the government took over in 2008, might not be achieved before Obama leaves office. Geithner said it could take three to five years to reduce the dominant role the two companies play in mortgage financing to the point where their role could be handled by some new enterprise Congress might decide to create. He said that time should be used for a debate over what Fannies and Freddies future should be. Boston Globe January 26, 2013

107 Whats next for homeownership?

108 The future of home ownership

109 Housing Virginia Video Presentations Future of Home Ownership by Eric Handleman Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

110 Changes to mortgage products…

111 Housing Virginia Video Presentations Future of Mortgage Products by Eric Handleman Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

112 LMI households: the need for new policy solutions

113 Credit Requirements post Crash

114 Housing Virginia Video Presentations Policy Solutions for LMI HHs by Eric Handleman Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

115 Rental financing: it works

116 Housing Virginia Video Presentations Rental Financing Works by Eric Handleman Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

117 Affordable rental housing: where we need to improve

118 Housing Virginia Video Presentations Barriers to Affordable Rental Housing by Eric Handleman Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

119 Finance is about more than just money…

120 Housing Virginia Video Presentations Housing Finance More Than Just Money by Eric Handleman Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

121 Takeaways: Finance Interest rates will remain low by historical standards Mortgage product variety will be limited; long term fixed rate is the standard Underwriting criteria are set – will be slow to expand Lenders will stay inside the box Secondary market reform progress will be slow – costs will rise States must play a larger role in meeting affordable housing needs as Federal role shrinks.

122 Part 3: Finance Housing 2020

123 Finance What went wrong with housing finance? Capital sources for housing / secondary market Interest rates Underwriting standards Impact of mortgage product changes Rental housing finance

124 Finance Ethan Handelman at National Housing Conference Ethan Handelman directs NHC's policy and advocacy agenda focused on strengthening the nation's housing finance system Ethan authored Government Sponsored Enterprises and Multifamily Housing Finance: Refocusing on Core Functions.

125 Mortgage rates will stay low… assuming

126 What went wrong ?

127 The role of finance in the crash

128 Housing Virginia Video Presentations Role of Finance in the Housing Crash by Eric Handleman Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

129 What is in the future – short term: Is systematic change possible?

130 Housing Virginia Video Presentations The Potential for Systematic Change by Eric Handleman Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

131 What are the GSEs?

132 Housing Virginia Video Presentations Salvaging the GSEs by Eric Handleman Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

133 Who was Making Mortgages: Before, During and After the Crash Source: Bipartisan Policy Center Housing Commission, 2013

134 The future of GSEs: The Federal Housing Finance Agency (FHFA) today announced that it has directed Fannie Mae and Freddie Mac to raise guarantee fees on single-family mortgages by an average of 10 basis points. The changes to g-fee pricing represent a step toward encouraging greater participation in the mortgage market by private firms… These changes will move Fannie Mae and Freddie Mac pricing closer to the level one might expect to see if mortgage credit risk was borne solely by private capital. Edward J. DeMarco, Acting Director of FHFA August 31, 2012

135 The future of GSEs: A permanent solution for beleaguered mortgage giants Fannie Mae and Freddie Mac, which the government took over in 2008, might not be achieved before Obama leaves office. Geithner said it could take three to five years to reduce the dominant role the two companies play in mortgage financing to the point where their role could be handled by some new enterprise Congress might decide to create. He said that time should be used for a debate over what Fannies and Freddies future should be. Boston Globe January 26, 2013

136 Whats next for homeownership?

137 The future of home ownership

138 Housing Virginia Video Presentations Future of Home Ownership by Eric Handleman Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

139 Changes to mortgage products…

140 Housing Virginia Video Presentations Future of Mortgage Products by Eric Handleman Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

141 LMI households: the need for new policy solutions

142 Credit Requirements post Crash

143 Housing Virginia Video Presentations Policy Solutions for LMI HHs by Eric Handleman Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

144 Rental financing: it works

145 Housing Virginia Video Presentations Rental Financing Works by Eric Handleman Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

146 Affordable rental housing: where we need to improve

147 Housing Virginia Video Presentations Barriers to Affordable Rental Housing by Eric Handleman Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

148 Finance is about more than just money…

149 Housing Virginia Video Presentations Housing Finance More Than Just Money by Eric Handleman Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

150 Takeaways: Finance Interest rates will remain low by historical standards Mortgage product variety will be limited; long term fixed rate is the standard Underwriting criteria are set – will be slow to expand Lenders will stay inside the box Secondary market reform progress will be slow – costs will rise States must play a larger role in meeting affordable housing needs as Federal role shrinks.

151 Part 4: Green Housing 2020

152 Green / Sustainability Changing consumer preferences Green homes / communities are mainstream Implications for affordability Walkable and transportation oriented housing Technology advances – Smart houses 3 rd party certification programs

153 Green / Sustainability Sandra Leibowitz at Sustainable Design Consulting Founder, owner, and Managing Principal of Sustainable Design Consulting Sandra draws from nearly two decades of advanced experience in sustainable design projects and organizational programs to serve developers, architects and builders with expert green building/ LEED consulting and process management

154 Housing has a BIG carbon footprint

155 How will our Homes be different in 2020 ?

156 Housing Virginia Video Presentations GREEN by Sandra Leibowitz Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

157 What is the overall impact that GREEN will have on our quality of life in 2020 ?

158 Housing Virginia Video Presentations GREEN Boost in Quality of Life by Sandra Leibowitz Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

159 GREEN is now Mainstream 45% of AEC firms expect to have green jobs by 2014, in line with the green building market share of 48%-50% by 2015.

160 GREEN housing is Mainstream Bye-bye McMansions. Hello modest, energy efficient homes in walkable communities. The era of bigger is better, fueled by fictitious wealth, has ended. Thats why Nashville builder Larry Chastain is leading the way in building smaller homes, without extra bedrooms and bonus rooms that people dont use but have to heat. Hes making spaces more functional while giving buyers a home with the highest green certification. Nashville Business Journal

161 Urban / village living is green and growing.

162 Housing Virginia Video Presentations New Urbanism by Sandra Leibowitz Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

163 Locational trends are CLEAR

164 More energy efficient materials and design will increasingly be the rule in home constrution.

165 Housing Virginia Video Presentations New Standards in Energy Efficiency & Materials by Sandra Leibowitz Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

166 Higher quality, more durable materials will also be the rule.

167 Housing Virginia Video Presentations Increase in Quality and Durability of Materials by Sandra Leibowitz Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

168 Changing the mindset about affordability and quality.

169 Housing Virginia Video Presentations Quality and Cost of Building Materials by Sandra Leibowitz Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

170 Maintaining / expanding community support for affordable housing requires good quality and design.

171 Cost vs. savings

172 Housing Virginia Video Presentations Cost vs. Savings in GREEN Building by Sandra Leibowitz Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

173 Green housing: Why should LMI households care?

174 Housing Virginia Video Presentations Affordability of GREEN Building by Sandra Leibowitz Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

175 Home size begins decline

176 Size will matter in the future… Less of this… More of this…

177 Shift towards smaller, urban homes

178 Housing Virginia Video Presentations Smarter Urban Living by Sandra Leibowitz Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

179 Why houses Will get smaller Affordability is important in age of frugality Energy costs will continue to rise Aging boomers will DOWNSIZE Millennials: Big house / big yard. Tighter credit for big mortgages Small-home buyers don't have to sacrifice… better home design / multi purpose spaces.

180 The Age Wave & Green Design: Aging in place Aging in new places

181 Housing Virginia Video Presentations Aging in Place by Sandra Leibowitz Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

182 3 rd party certifications: Confusing for consumers ?

183 Housing Virginia Video Presentations Future of GREEN Certification in Housing by Sandra Leibowitz Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

184 Three important policy tools to advance sustainability in housing

185 Housing Virginia Video Presentations 3 Policy Goals for Sustainable Housing by Sandra Leibowitz Click to view videoClick to view video - Internet connection is required. Disclaimer: Videos in the PowerPoint will not play on a mobile device. Please access these documents from a laptop or desktop to enjoy the complete presentation.

186 Takeaways: GREEN/Sustainability Consumer preference for GREEN will continue to grow GREEN housing is more affordable…in the long run GREEN communities / not just homes Homes will be smaller – more space and energy efficient Urban, suburban village, walkable, transportation focused Construction materials / construction advances will run ahead of codes Technology may outpace user capability in Smart Homes Green certifications will consolidate

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